The PPS Insurance Company in Namibia has reported a strong financial outcome for the year 2024, resulting in a substantial distribution of resources to its eligible members.
As stated by the company’s CEO in an announcement made on Wednesday, PPS Namibia plans to distribute a sum of N$263.9 million, which includes both operational earnings and investment gains, into the notional PPS Profit-Share Accounts belonging to its members.
PPS Namibia functions as a financial services firm with a distinctive emphasis on graduate professionals. The company creates and provides products and services meticulously designed to address the specific financial requirements of this group.
Johan van der Westhuizen, CEO of PPS Namibia, expressed satisfaction with the firm’s recent performance. He highlighted that supporting clients through prompt payment of legitimate claims remains their top priority. Consequently, the organization distributes both operational and investment earnings among members who possess eligible life-risk policies under notional PPS Profit-Share Accounts.
The firm experienced a 9.7% growth in gross insurance revenue year-over-year, rising from N$233.3 million in 2023 to N$255.8 million in 2024. Additionally, there was a 14% rise in membership, generating an annual premium income of N$16.4 million. Members of PPS Namibia received benefits and valid claim payouts totaling N$216.6 million.
Furthermore, the overall net claims rose from N$83.3 million in 2023 to N$98.4 million in 2024. Additionally, the firm saw a 40.8% surge in life net claims amounting to N$14.8 million and witnessed a 14.8% rise in health net claims reaching N$83.6 million.
Additionally, the firm saw a rise of 26% in operating profit to N$62.3 million from N$49.3 million in the previous year. The robust market performance led to investment returns totaling N$201.6 million being credited to the members’ Notional PPS Profit-Share Accounts.
“We possess a distinctive edge that enables us to concentrate on long-term investments in expanding assets, considering the enduring relationship between our members and our firm. However, we advise tempering overly optimistic projections for the future solely based on strong investment returns from a specific year,” noted Van der Westhuizen.
Van der Westhuizen states that the mark of a successful profitable year can be seen through several longstanding members reaching at least N$1 million in their PPS Profit-Share AccountTM by the time they retire at 60 years old. Additionally, the firm has added 96 new members to the ‘PPS Profit-Share millionaire club’ in Namibia, raising the overall count of such millionaires within the organization to 600.
“Our approach in Namibia remains focused on launching novel products, services, and solutions. As part of this strategy, our members in Namibia received benefits from the launch of a retirement annuity product in 2024,” stated Izak Smit, CEO of the PPS Group.
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